2024-04-19 08:00:00 ET
Summary
- Morgan Stanley's preferred stock, the PFD A 1/1000, has a floating coupon with a floor rate to prevent it from floating to zero.
- The issuer, Morgan Stanley, is a financial holding company that provides various financial products and services.
- The coverage ratio of Morgan Stanley's preferred stocks to total common equity is over 10X, indicating a strong level of protection for investors.
- While FOMC cut rates seem to be getting delayed, I dropped my rating on the preferred from Buy to Hold, with a preference for locking in today's yields using fixed-rate preferred stocks.
Introduction
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For further details see:
Morgan Stanley Preferred A: Too Much Rate Cut Risk (Rating Downgrade)